Maybe. They could substantially cut into mining capacity, but the degree is hard to isolate because miners do not generally publish location information. They

Maybe. They could substantially cut into mining capacity, but the degree is hard to isolate because miners do not generally publish location information. They could probably unilaterally take down some 30 - 60% of the mining power, and redirect it towards empty blocks, but once again, that would be a capacity constraint. If they then chose to create more mining power to reach 100x (as the article proposes) of existing mining capacity they would likely find that beyond their means without stressing their economy to the breaking point because of the energy requirements. And as the price varied it's not clear that mining capacity would not grow in other places to reflect the increased price. And this is putting aside the idea of political will, which is still something that even an authoritarian state has to deal with -- there are factions inside the CCP that would be happy to take power if the current leadership was damaging the economy through a useless fight against magic internet money, even if they phrased it in capital-flight terms.